Tuesday, 21 August 2012

Orvana says two board members resign, Mitchell to serve as interim chairman

Orvana Minerals Corp. (CVE:ORV) announced Friday the resignation of board director Ronald Simkus, effective immediately. 
Robert Mitchell, a retired partner from Ernst & Young, is now acting chairman of the board on an interim basis. 
From December 2003 to June 2006, Mitchell was director of the company, and is also chairman of the audit committee.
Orvana, now undertaking a process to find suitable candidates to join the board of directors, said Simkus plans to “spend more time with his family.”
In addition, Brent Cochrane also announced his resignation as director, effective today. 
Earlier this week, the miner said fiscal third-quarter profits, revenue and production increased and hired a new chief operating officer. 
Third-quarter earnings grew to $12.1 million, or nine cents per share, compared with a net loss of $6.3 million, or five cents per share, a year-ago. 
Excluding one-time items, the company said adjusted earnings came in at three cents per share versus a loss of six cents per share. 
Revenue popped to $43.7 million, up from $1.7 million.
Total production for the third quarter was 18,344 ounces of gold, 5.1 million pounds of copper and 248,908 ounces of silver.

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